Brazil, LatAm’s largest and most liquid equity market has in February become the focus of a healthy debate. Analysts disagree on how to play the Bovespa, following a 32% rally on a real basis from October 27 to February 20.

While 2008 saw a dramatic reduction in the number of LatAm IPOs and follow-on offerings compared to 2007, the past year brought a handful of unusual and notable deals that mark an advance for the region as a whole.